IPGP
IPG Photonics Corporation
IPGP has lower modeled downside risk, despite its lower overall score.
SNDK
Sandisk Corporation
SNDK has the edge over IPGP overall, supported by stronger fundamentals and stronger valuation.
IPGP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Strong |
IPGP's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
SNDK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
SNDK's revenue, profitability, cash flow and balance sheet are all currently strong.
IPGP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 21x | $19.24 | -73% |
| Forward | 35x | $70.86 | — |
| Fair | 47x | $43.25 | -39% |
| Current | 76x | $70.86 | — |
| Expensive | 111x | $103 | +46% |
Historical ranges are pointers, not guarantees.
IPGP's PE is in its expensive range at 76x. If earnings grow as analysts expect, today's price would be 35x next year's earnings, in its fair range.
SNDK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 3.8x | $937 | — |
| Current | 7.5x | $937 | — |
| Cheap | 17x | $2,173 | +132% |
| Fair | 24x | $3,048 | +225% |
| Expensive | 59x | $7,452 | +695% |
Historical ranges are pointers, not guarantees.
SNDK has the edge over IPGP in the historical PE scenario, which offers more potential upside but is not a forecast.
IPGP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for IPGP, with profitability improving. However, they disagree widely on these estimates.
SNDK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| High |
Analysts expect strong earnings and revenue growth for SNDK, with profitability improving.
IPGP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.03 | +118% |
| Q3 2026 | $0.93 | +33% |
| Q2 2026 | $0.64 | +$5.45 |
| Q1 2026 | $0.68 | +$5.20 |
| Q4 2025 | $0.73 | +$4.82 |
| Q3 2025 | $0.70 | +$4.16 |
| Q2 2025 | -$4.81 | -259% |
| Q1 2025 | -$4.52 | -216% |
| Q4 2024 | -$4.09 | -188% |
IPGP's earnings per share have fallen from their peak: $0.93 over the past year, against $5.21 in early 2022.
SNDK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $247.30 | +97% |
| Q3 2026 | $125.61 | +$137.63 |
| Q2 2026 | $73.76 | +$85.07 |
| Q2 2025 | -$11.31 | -$6.65 |
SNDK has the edge over IPGP in the latest year-over-year earnings comparison.
IPGP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $287.5M | +15% |
| Q2 2026 | $278.6M | +11% |
| Q1 2026 | $265.5M | +17% |
| Q4 2025 | $274.5M | +17% |
| Q3 2025 | $250.8M | +7.6% |
| Q2 2025 | $250.7M | -2.7% |
| Q1 2025 | $227.8M | -9.6% |
| Q4 2024 | $234.3M | -22% |
IPGP's revenue is recovering but still below its 2021 peak: $288M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.2% | +4.1 points |
| Q2 2026 | 1.6% | +1.6 points |
| Q1 2026 | -2.9% | -3.7 points |
| Q4 2025 | 1.2% | -4.7 points |
| Q3 2025 | 3.1% | +112 points |
| Q2 2025 | 0% | -4.6 points |
| Q1 2025 | 0.8% | -6.8 points |
| Q4 2024 | 6% | -3.7 points |
IPGP's operating margin was 7.2% last quarter, up 4.1 points from the same quarter a year ago.
SNDK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11B | +378% |
| Q2 2026 | $9B | +372% |
| Q1 2026 | $6B | +251% |
| Q4 2025 | $3B | +61% |
| Q3 2025 | $2.3B | +23% |
| Q2 2025 | $1.9B | +8% |
| Q1 2025 | $1.7B | -0.6% |
| Q4 2024 | $1.9B | +13% |
SNDK has the edge over IPGP on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | +72 points |
| Q2 2026 | 78% | +78 points |
| Q1 2026 | 69% | +180 points |
| Q4 2025 | 35% | +25 points |
| Q3 2025 | 7.6% | -9 points |
| Q2 2025 | 0.9% | N/A |
| Q1 2025 | -111% | -122 points |
| Q4 2024 | 10% | +6.6 points |
SNDK has the edge over IPGP on profitability, with a higher operating margin.
IPGP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $28.8M | +98% |
| Q2 2026 | $17.1M | +$34.7M |
| Q1 2026 | -$21.8M | -$10.4M |
| Q4 2025 | $10.9M | -78% |
| Q3 2025 | $14.6M | -66% |
| Q2 2025 | -$17.6M | -160% |
| Q1 2025 | -$11.4M | -143% |
| Q4 2024 | $50.6M | -37% |
IPGP still generates free cash flow, though less than at its 2019 peak: $35M over the past year.
SNDK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.3B | +1340% |
| Q2 2026 | $7.1B | +14355% |
| Q1 2026 | $3B | +$3B |
| Q3 2025 | $438M | +$636M |
| Q2 2025 | $49M | +$217M |
| Q1 2025 | -$18M | +$23M |
| Q3 2024 | -$198M | -$157M |
SNDK has the edge over IPGP on cash flow, with more consistent year-over-year improvement.
IPGP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -72.9K shares |
| 1 year | +0.7% | +284K shares |
| 3 years | -9.6% | -4.5M shares |
| 5 years | -20% | -11M shares |
| Available history | -20% | -11M shares |
IPGP has the edge over SNDK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.6M |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2024 | $57.3M |
| Q3 2024 | $74.5M |
| Q2 2024 | $122.4M |
| Q1 2024 | $89.6M |
| Q4 2023 | $64M |
SNDK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -1M shares |
| 1 year | +3.4% | +5M shares |
| 3 years | +6.9% | +10M shares |
SNDK has 154M diluted shares, up 3.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5B |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
IPGP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -8.1x | Net Cash |
| Q2 2026 | -5.3x | Net Cash |
| Q1 2026 | -6.8x | Net Cash |
| Q4 2025 | -5.1x | Net Cash |
| Q3 2025 | -4.1x | Net Cash |
| Q2 2024 | -4.0x | Net Cash |
| Q1 2024 | -2.0x | Net Cash |
| Q4 2023 | -1.7x | Net Cash |
IPGP has the edge over SNDK on leverage, with a lower net debt burden relative to earnings.
SNDK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
SNDK has more cash than debt.
IPGP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.4 | Neutral |
| Stochastic | 17.8 | Oversold |
IPGP's weekly RSI is 39 (neutral) and its Stochastic is 18 (oversold).
SNDK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 10.6 | Oversold |
SNDK's weekly RSI is 40 (neutral) and its Stochastic is 11 (oversold).
IPGP PE vs Technology Sector
| Metric | IPGP | Sector median | Relative |
|---|---|---|---|
| PE | 76x | 28x | 173% above |
| PE % | 76 | 35 | 41 pts above |
IPGP is trading at 76x earnings, a 173% premium to the Technology sector's median of 28x.
SNDK PE vs Technology Sector
| Metric | SNDK | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 28x | 73% below |
| PE % | 4 | 27 | 23 pts below |
SNDK has the edge over IPGP on valuation relative to its sector.
IPGP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $73.9 | 4.1% below |
| 20 week MA | $82.3 | 14% below |
| 50 week MA | $97.2 | 27% below |
| 100 week MA | $84.6 | 16% below |
| 200 week MA | $90.9 | 22% below |
SNDK has stronger trend alignment. IPGP is above 0 of 5 weekly averages versus SNDK above 0 of 3.
SNDK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,317.5 | 29% below |
| 20 week MA | $1,465.4 | 36% below |
| 50 week MA | $1,119.6 | 16% below |
SNDK is in a downtrend: it's below all three of its weekly moving averages, and 16% below its 50-week average.
IPGP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $143.9 | $221.0 | +54% |
| 2021 | $221.0 | $168.9 | -24% |
| 2022 | $168.9 | $92.9 | -45% |
| 2023 | $92.9 | $108.5 | +17% |
| 2024 | $108.5 | $73.4 | -32% |
| 2025 | $73.4 | $75.2 | +2.4% |
| 2026 YTD | $75.2 | $70.9 | -5.7% |
IPGP has finished lower in three of the last six years. It's down 5.7% so far in 2026.
SNDK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $50.4 | $250.1 | +396% |
| 2026 YTD | $250.1 | $937.5 | +275% |
SNDK has the edge over IPGP on returns for 2026, with the stronger performance.